Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Waterhouse Securities -- Ignore unavailable to you. Want to Upgrade?

To: Mel Viticus who wrote (395)	3/24/1998 7:35:00 PM
From: Wowzer	Read Replies (3) \| Respond to of 2076

I have only traded BB's a couple of times. You can trade online with market orders only. Also waterhouse does not provide quotes on BB's. If you want to place a limit order you have to use a live broker. Rory

To: Mel Viticus who wrote (395)	3/24/1998 7:56:00 PM
From: Proton	Read Replies (1) \| Respond to of 2076

Re: Bulletin Board Stocks Can someone tell me how Waterhouse works for them using Web Broker to trade BB stocks in an IRA account? Is that possible? Do you get timely confirmations? OTC Bulletin Board stocks may be traded in a Waterhouse IRA. Confirmations are swift, once the trade is executed. Web Broker recognizes BB symbols. Here are the warnings: 1. All stock purchases in an IRA must be approved by a Waterhouse representative. This means your order may be "pending" for 1-10 minutes, more on heavy volume days. 2. There are no quotes on BB stocks available through Web Broker. This includes the trade confirmation screen, so you don't get a last look at where the trade sits on the spread before you do the deed. 3. Prices on limit orders may not be entered in decimals, and the smallest fraction is 1/64. This can make trading BB stocks difficult. [If one wanted to purchase at the ask, set the limit to the next 1/64 above the current ask. Waterhouse is good about "working" trades, so you order should not move the ask against you (no guarantee that the ask won't move during "pending" time, of course).] 4. Remember, the $12 rate is only good on orders up to 5,000 shares. The rate above 5,000 is $0.01/share on the entire order. [Also, be careful about breaking up orders into 5K chunks. If you submit four 5,000 share orders at the same price and at the same time, you may find that two or three of them are rejected. Even worse, some subgenius in New York may decide to call it one 20,000 share order and charge $200.00. This has happened to me. The best way to avoid this is to enter a new 5,000 share segment after a previous one has executed. Be ready to get lectured on how awful a person you are for trying to work the commission system. This, too, has happened to me. You may just decide $0.01/share is not that bad a price :-) ] This information is based on my experience with Web Broker. The experience of others -- not to mention Waterhouse's party line -- may differ from what I telling you. The ground rules could also change tomorrow. Best of luck Pý p.s. FWIW, I'm told Larry Waterhouse's kid is in charge of WebBroker development...